On Tuesday 8 May 2018, the Commonwealth Treasurer, The Honourable Scott Morrison MP delivered Australia's 2018–2019 Federal Budget. This report provides insights and analysis into the Budget's major implications for Australian business, industries and sectors.
In a pre-election year the government has delivered a budget that aims to build a fairer society, while announcing it expects the Budget to return to surplus by 2019-20. The central drivers include the recovery of taxes from the black economy as a significant contributor to revenue, while introducing $13.4 billion in personal income tax reductions.
The passage of the government’s bill to reduce company tax rates remains uncertain, however the impact of changes to research and development incentives, and keeping a watchful eye on any progress of the company tax cut bill will be important for business.